Explained: Telemedicine Services and Big Data Analytics Revolutionizing the Medical Software Industry in 2024

Highlights:

• Introduction
• Impact of telemedicine on the industry
• Big-data analytics and the medical software landscape

Managing a medical institution such as hospitals, nursing homes, clinics, etc., involves handling a lot of administrative tasks. In arduous situations such as the COVID-19 pandemic, the job becomes even more difficult as the burden on these institutions is extremely high. Hence, hospitals generally employ medical software applications that help reduce paperwork associated with administration and track patient activity efficiently. Owing to the rising digitalization across different sectors of the economy, these software applications have become an indispensable part of hospital management. In recent times, the need for remote monitoring services has increased, along with a growth in demand for personalized healthcare solutions. Both these factors have further expanded the scope of these software applications.

Advanced medical software for improving healthcare outcomes with telemedicine

The advent of telemedicine is an important outcome of the integration of electronics in the healthcare sector. It refers to the use of different telecommunication technologies for remote diagnosis and treatment of patients. To help hospitals provide telemedicine and telehealth services to their patients, IT companies have developed dedicated telemedicine software applications. Many pharmaceutical companies, too, have launched such solutions to cater to the demands of their customers. For instance, in January 2024, Eli Lilly, a renowned player in the pharmaceutical industry, unveiled a telehealth platform to sell prescription drugs for various medical conditions such as diabetes, migraine, obesity, etc., to patients directly.

Telehealth medical software applications aid doctors in conducting remote consultations and, thus reduce patient wait times. Moreover, in complex medical conditions, doctors can easily seek advice from other specialists, which ultimately improves health outcomes in diagnosis, treatment, and rehabilitation. Furthermore, these software programs enable patients to consult healthcare professionals in case of emergency issues.

Additionally, telehealth applications aid doctors in monitoring the progress of the patient in real-time and checking whether he/she is adhering to the prescribed treatment regime. Post-treatment checkups can also be done via these software solutions which reduces the number of hospital visits. Besides these direct outcomes, telemedicine solutions are also used by medical colleges and universities for upskilling and vocational training of doctors. The telemedicine segment of the medical software industry is expected to gather an absolute revenue share of $172806.15 million from 2024 to 2033.

Big-data analytics for enhancing the capabilities of medical software applications

Over the years, various types of medical software applications including electronic health record (EHR) software, urgent care solutions, healthcare customer relationship management platforms, etc., have been developed. These programs help maintain the operational workflow and streamline everyday administrative work in hospitals and clinics. With the rising prevalence of different chronic ailments, the average number of visitors to hospitals and clinics has grown considerably. As a result, the volume of data that needs to be managed has also expanded, thus increasing the strain on these software applications. To tackle this challenge, big data processing tools are being deployed by several leading hospitals and nursing centers. These software applications aid healthcare organizations in gaining important insights into the patient’s records and assist doctors in devising a treatment plan accordingly.

Big data analytics also enables healthcare professionals to study the medical history, genetic information, previous ailments, etc., of the patient and chalk out a personalized treatment regime. Furthermore, medical software programs powered by big data processing tools also enable hospitals to track the health of a population on a community level, monitor the changes in epidemiology conditions, and thus, formulate strategies to prevent the outbreak of epidemics or pandemics.

Many companies are even launching big data processing applications to help biotechnology businesses conduct their clinical trials. In June 2021, for example, IQVIA™, an advanced analytics and technology solutions provider, announced the launch of Clinical Data Analytics Suite (CDAS), a clinical data analytics solution. This SaaS-based platform makes use of advanced technologies such as AI and machine learning to automate data processes. In the long run, the solution is expected to offer new approaches and improve transparency in clinical trials.

To conclude, the growing demand for remote monitoring solutions and the rising prevalence of chronic diseases has increased the adoption of different types of healthcare software applications. The advent of telehealth services and the use of big data processing tools is expected to create numerous investment opportunities in the medical software industry.

For a detailed analysis of the latest developments and upcoming trends in the landscape, feel free to contact us.

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